Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table presents, for the three and six months ended June 30, 2024 and 2023, revenue from contracts with customers as defined in ASC 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source.

	For the Three Months Ended June 30, 2024			For the Three Months Ended June 30, 2023
(Millions of Dollars)	Revenues from contracts with customers	Other revenues (a)	Total operating revenues	Revenues from contracts with customers	Other revenues (a)	Total operating revenues
CECONY
Electric	$2,381	($11)	$2,370	$1,991	$153	$2,144
Gas	587	(49)	538	521	10	531
Steam	90	(2)	88	65	4	69
Total CECONY	$3,058	$(62)	$2,996	$2,577	$167	$2,744
O&R
Electric	189	(9)	180	$154	$5	$159
Gas	52	(8)	44	41	—	41
Total O&R	$241	$(17)	$224	$195	$5	$200
Con Edison Transmission	1	—	1	1	—	1
Other (b)	—	(1)	(1)	—	(1)	(1)
Total Con Edison	$3,300	$(80)	$3,220	$2,773	$171	$2,944

(a)    For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans.

(b)    Other includes the parent company, Con Edison's tax equity investments, the deferred project held for sale and consolidation adjustments. See Note R.

	For the Six Months Ended June 30, 2024			For the Six Months Ended June 30, 2023
(Millions of Dollars)	Revenues from contracts with customers	Other revenues (a)	Total operating revenues	Revenues from contracts with customers	Other revenues (a)	Total operating revenues
CECONY
Electric	$4,807	$5	$4,812	$4,254	$246	$4,500
Gas	1,812	(31)	1,781	1,779	43	1,822
Steam	384	(10)	374	368	7	375
Total CECONY	$7,003	$(36)	$6,967	$6,401	$296	$6,697
O&R
Electric	379	(9)	370	332	9	341
Gas	167	(10)	157	179	1	180
Total O&R	$546	$(19)	$527	$511	$10	$521
Clean Energy Businesses (c)
Renewables	—	—	—	68	—	68
Energy services	—	—	—	7	—	7
Develop/Transfer Projects	—	—	—	7	—	7
Other	—	—	—	—	47	47
Total Clean Energy Businesses	$—	$—	$—	$82	$47	$129
Con Edison Transmission	2	—	2	2	—	2
Other (b)	—	(1)	(1)	—	(2)	(2)
Total Con Edison	$7,551	$(56)	$7,495	$6,996	$351	$7,347

(a)    For the Utilities, this includes primarily revenue or negative revenue adjustments from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans. For the Clean Energy Businesses, this included revenue from wholesale services. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note Q and Note R.

(b)    Other includes the parent company, Con Edison's tax equity investments, the deferred project held for sale and consolidation adjustments. See Note R.

(c)    On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note Q and Note R.

Use of the Percentage-of-Completion Method

Sales and profits on each percentage-of-completion contract at the Clean Energy Businesses were recorded each month based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract revenue, less cumulative revenues recognized in prior periods (the ‘‘cost-to-cost’’ method). The impact of revisions of contract estimates, which may have resulted from contract modifications, performance or other reasons, were recognized on a cumulative catch-up basis in the period in which the revisions were made. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note Q.

	2024		2023
(Millions of Dollars)	Unbilled contract revenue (a)	Unearned revenue (b)	Unbilled contract revenue (a)		Unearned revenue (b)
Beginning balance as of January 1,	$4	$—	$80		$3
Additions (c)	—	—	2		—
Subtractions (c)	—	—	67		3	(d)
Ending balance as of June 30,	$4	$—	$15	(e)	$—

(a)Unbilled contract revenue represents accumulated incurred costs and earned profits on contracts (revenue arrangements), which have been recorded as revenue, but have not yet been billed to customers, and which represent contract assets as defined in Topic 606. Substantially all accrued unbilled contract revenue is expected to be collected within one year. Unbilled contract revenue arises from the cost-to-cost method of revenue recognition. Unbilled contract revenue from fixed-price type contracts is converted to billed receivables when amounts are invoiced to customers according to contractual billing terms, which generally occur when deliveries or other performance milestones are completed.

(b)Unearned revenue represents a liability for billings to customers in excess of earned revenue, which are contract liabilities as defined in Topic 606.

(c)Additions for unbilled contract revenue and subtractions for unearned revenue represent additional revenue earned. Additions for unearned revenue and subtractions for unbilled contract revenue represent billings. Activity also includes appropriate balance sheet classification for the period. Of the subtractions in 2023, $21 million and $1 million relate to the sale of all of the stock of the Clean Energy Businesses for unbilled contract revenue and unearned revenue, respectively. See (e) below.

(d)Of the subtractions from unearned revenue, $3 million was included in the balances as of January 1, 2023.

(e)Following the sale of all of the stock of the Clean Energy Businesses, Con Edison received substantially all contract revenue, net of certain costs incurred, for a battery storage project located in Imperial County, California. See Note Q.